AI accounting startup Candis raises $14M in fresh funding

Candis GmbH, a German startup working to automate companies’ manual accounting workflows, today announced that it has raised 12 million euros (about $14 million) in a funding round led by Viola Ventures and Rabo Frontier Ventures.

Candis provides a cloud-based accounting platform that uses machine learning to reduce the amount of time needed to organize a company’s financial records. One of the main use cases for the platform is automating payment reconciliation. That’s the process wherein the accounting department compares a company’s various transaction logs with one another to ensure that all the sums match.

Candis imports transaction logs from a company’s financial systems and automatically matches each record to the associated invoice. It can, for example, match a payment to a supplier for a piece of industrial equipment with the invoice that the supplier sent over after delivering the hardware. If a document is missing, the startup’s platform generates an alert for the accounting department.

[Source:https://siliconangle.com/2020/07/30/ai-accounting-startup-candis-raises-14m-fresh-funding/]

With the constantly development of artificial intelligence, the intelligent level of financial accounting is improving, and is gradually changing in the direction of management accounting.

Based on this, a paper published at the journal of Probe - Accounting, Auditing and Taxation briefly discussed the influence on financial accounting in the age of artificial intelligent, and put forward a series of strategies for financial accounting to manage accounting transformation in order to operate in a more efficient way in finance.

The author thought that in the background of intelligence, financial accounting should be gradually transformed to management accounting. In this transformation process, financial practitioners must first improve their professional skills. Secondly, the society should strengthen the supervision of financial personnel from the legal and moral aspects.

In this way, accounting can truly play its functions of forecasting, control, and management, so that the accounting work can better conform to economic development and play its own practical value in management.

Read the full paper at : http://probe.usp-pl.com/index.php/AAT/article/view/1335